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Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
The following table includes a detail of lease assets and liabilities:
(in thousands)Consolidated Balance Sheets ClassificationMARCH 31, 2024DECEMBER 31, 2023
Operating lease right-of-use assetsOperating lease right-of-use assets$422,589 $420,001 
Finance lease assetsProperty, fixtures and equipment, net923 1,033 
Total lease assets$423,512 $421,034 
Operating lease liabilities (1) - current
Current portion of operating lease liabilities41,316 40,281 
Operating lease liabilities - non-currentOperating lease liabilities444,384 441,290 
Finance lease liabilities - currentCurrent portion of long-term debt534 628 
Finance lease liabilities - non-currentLong-term debt, net406 448 
Total lease liabilities$486,640 $482,647 
_____________
(1) Excludes all variable lease expense.

The components of lease expense are as follows:
(in thousands)Consolidated Statements of Operations and Comprehensive Income ClassificationTHIRTEEN WEEKS ENDED
MARCH 31, 2024MARCH 26, 2023
Operating lease expenseOther restaurant operating expenses
Occupancy expenses
Pre-opening expenses
General and administrative expenses		$15,693 $12,969 
Variable lease expenseFood and beverage costs
Occupancy expenses
General and administrative expenses		4,608 3,880 
Finance lease expense:
Amortization of leased assetsDepreciation and amortization128 127 
Interest on lease liabilitiesInterest expense18 26 
Total lease expense (1)
$20,447 $17,002 
_____________
(1) Includes contingent rent expense of $0.5 million and $0.5 million during the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively.
Supplemental cash flow information related to leases was as follows:
(in thousands)THIRTEEN WEEKS ENDED
MARCH 31, 2024MARCH 26, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases$14,144 $9,827 
Operating cash flows - finance leases$18 $26 
Financing cash flows - finance leases$155 $132 
Supplemental information related to leases was as follows:
THIRTEEN WEEKS ENDED
 MARCH 31, 2024MARCH 26, 2023
Weighted-average remaining lease term (in years)
Operating leases13.614.4
Finance leases2.92.7
Weighted-average discount rate (1)
Operating leases8.3 %8.6 %
Finance leases6.8 %7.6 %
____________
(1) Based on the Company’s incremental borrowing rate.
As of March 31, 2024, future minimum lease payments for operating and finance leases consisted of the following:
(in thousands)OPERATING LEASESFINANCE LEASES
Fiscal year
2024$28,564 $480 
202560,647 275 
202661,434 89 
202760,757 77 
202860,317 64 
Thereafter573,904 50 
Total future minimum lease payments (1)
845,623 1,035 
Less: imputed interest(359,923)(95)
Total present value of lease liabilities$485,700 $940 
_____________
(1) Excludes approximately $149.4 million of executed operating leases that have not commenced as of March 31, 2024.
Leases Leases
The following table includes a detail of lease assets and liabilities:
(in thousands)Consolidated Balance Sheets ClassificationMARCH 31, 2024DECEMBER 31, 2023
Operating lease right-of-use assetsOperating lease right-of-use assets$422,589 $420,001 
Finance lease assetsProperty, fixtures and equipment, net923 1,033 
Total lease assets$423,512 $421,034 
Operating lease liabilities (1) - current
Current portion of operating lease liabilities41,316 40,281 
Operating lease liabilities - non-currentOperating lease liabilities444,384 441,290 
Finance lease liabilities - currentCurrent portion of long-term debt534 628 
Finance lease liabilities - non-currentLong-term debt, net406 448 
Total lease liabilities$486,640 $482,647 
_____________
(1) Excludes all variable lease expense.

The components of lease expense are as follows:
(in thousands)Consolidated Statements of Operations and Comprehensive Income ClassificationTHIRTEEN WEEKS ENDED
MARCH 31, 2024MARCH 26, 2023
Operating lease expenseOther restaurant operating expenses
Occupancy expenses
Pre-opening expenses
General and administrative expenses		$15,693 $12,969 
Variable lease expenseFood and beverage costs
Occupancy expenses
General and administrative expenses		4,608 3,880 
Finance lease expense:
Amortization of leased assetsDepreciation and amortization128 127 
Interest on lease liabilitiesInterest expense18 26 
Total lease expense (1)
$20,447 $17,002 
_____________
(1) Includes contingent rent expense of $0.5 million and $0.5 million during the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively.
Supplemental cash flow information related to leases was as follows:
(in thousands)THIRTEEN WEEKS ENDED
MARCH 31, 2024MARCH 26, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases$14,144 $9,827 
Operating cash flows - finance leases$18 $26 
Financing cash flows - finance leases$155 $132 
Supplemental information related to leases was as follows:
THIRTEEN WEEKS ENDED
 MARCH 31, 2024MARCH 26, 2023
Weighted-average remaining lease term (in years)
Operating leases13.614.4
Finance leases2.92.7
Weighted-average discount rate (1)
Operating leases8.3 %8.6 %
Finance leases6.8 %7.6 %
____________
(1) Based on the Company’s incremental borrowing rate.
As of March 31, 2024, future minimum lease payments for operating and finance leases consisted of the following:
(in thousands)OPERATING LEASESFINANCE LEASES
Fiscal year
2024$28,564 $480 
202560,647 275 
202661,434 89 
202760,757 77 
202860,317 64 
Thereafter573,904 50 
Total future minimum lease payments (1)
845,623 1,035 
Less: imputed interest(359,923)(95)
Total present value of lease liabilities$485,700 $940 
_____________
(1) Excludes approximately $149.4 million of executed operating leases that have not commenced as of March 31, 2024.